Digital-first luggage company Nasher Miles has secured $4 million in its bridge round to Series A, with participation from Singularity Early Opportunities Fund, Mohit Goyal (CVC Capital Partners), Sulabh Arya (Goldman Sachs Growth Equity), and Narendra Rathi (SoftBank Vision Fund), among others.
The company reports that the funds were raised at a $30 million post-money valuation. The Mumbai-based business received funding from all five Shark Tank India-3 judges earlier in February of this year after reaching a valuation of Rs 200 crore ($23.8 million).
The money raised will go towards advancing Nasher Miles’ objectives for omnichannel growth. By the end of the calendar year, it hopes to have 1,000 multi-brand offline locations throughout India. This fiscal year, it also plans to open three to five exclusive brand locations.
Nasher Miles also intends to boost its production capacity in India and fortify its fast commerce presence in a few towns, with a goal of 70–75% domestic manufacturing by December 2024.
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The internet-first travel bag and baggage firm Nasher Miles was introduced in 2017 by Shruti Kedia, Lokesh, and Abhishek Daga. Its product catalogue features a variety of customised prints and colours in business backpacks, outdoor travel bags, luggage sets, laptop roller cases and accessories including baggage covers, neck pillows & masks, backpack rain covers and more.
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In just two and a half months, Nasher claims to have appointed over 20 distributors nationally and developed a presence in 150 locations. The company anticipates that in the upcoming fiscal year, its offline channel will generate $12 million in sales.
About Nasher Miles
Nasher Miles is a modern travel agency. They manufacture and sell a range of duffel bags, backpacks, and hard and soft side baggage. Recently, the company has started producing masks and bag coverings.
